{"id":6087216,"date":"2022-06-01T09:00:22","date_gmt":"2022-06-01T08:00:22","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=6087216"},"modified":"2022-06-01T09:00:22","modified_gmt":"2022-06-01T08:00:22","slug":"house-prices-queens-jubilee","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/news\/house-prices-queens-jubilee\/","title":{"rendered":"House prices have climbed over 2000% since Queen’s Silver Jubilee"},"content":{"rendered":"

A fascinating insight into how house prices have changed between the Queen’s Silver Jubilee in 1977 and today has been released by Mortgage Advice Bureau.\u00a0<\/strong><\/p>\n

The housing market<\/a> today is almost unrecognisable from what it was 45 years ago, when the Queen celebrated 25 years on the throne. Now, in the Queen’s Platinum Jubilee year, it is interesting to take a look back at how the UK property market has changed over the decades.<\/p>\n

Mortgage Advice Bureau<\/a> has pulled together the statistics using Land Registry data to look at the state of UK house prices with each royal milestone year.<\/p>\n

It starts with 1977, when the Queen had already spent 25 years on the throne, and the average property cost just \u00a310,926. Fast-forward to today, and this has risen to a whopping \u00a3276,755 – an increase of 2432%. But a lot has also happened in the years in between.<\/p>\n

House prices at each milestone<\/h4>\n

The biggest jump in house prices from one Jubilee milestone to the next was between 1977 (Silver) and 2002 (Golden). During this 25-year period, property values shot up by 937%, from \u00a310,926 to \u00a3113,304.<\/p>\n

Over the next 10-year gap, though, they climbed at an even faster rate annually. By 2012, the Queen’s Diamond Jubilee, prices had climbed by \u00a3102,378 to \u00a3170,049 – 1456% from where they first started.<\/p>\n

The next milestone was just five years later, in 2017 (Sapphire Jubilee), but house prices had again surged to \u00a3221,833. This equates to a 1930% increase since 1977, according to Mortgage Advice Bureau.<\/p>\n

Finally, the report notes the 2432% increase that has brought today’s property prices up to \u00a3276,755, which is \u00a3265,829 from where they first started.<\/p>\n

Buyers shouldn’t be disheartened<\/h4>\n

While the growth in house prices has been positive for homeowners and property investors<\/a> over the years, it may be daunting to new buyers. However, with price rises being maintained over such a long period of time, ultimately any property you own is likely to increase in value in the long run<\/a>.<\/p>\n

Ben Thompson, deputy CEO at Mortgage Advice Bureau, said: \u201cA lot has happened since the Queen was coronated 70 years ago, and we\u2019ll be celebrating across the country in June.<\/p>\n

\u201cMapping out the average house prices in each landmark year of her reign just shows the massive surge that has happened, and many will be questioning how much further house prices will rise.<\/p>\n

“It\u2019s important that buyers don\u2019t get too disheartened by the fact house prices have continued with their extraordinary growth rate, and that there are ways to get onto the property ladder\u201d.<\/p><\/blockquote>\n

Tips for first-time buyers<\/h4>\n

Alongside its report, Mortgage Advice Bureau has revealed its top five tips for buyers who want to maximise their savings to get onto the property ladder.<\/p>\n

    \n
  1. Cut costs: Prioritising your spending is a good way of saving, says Mortgage Advice Bureau. “Any extra cash you have leftover can then go into a savings account to put towards that all-important deposit.”<\/li>\n
  2. Save little and often: “Even saving small amounts here and there will make a difference to long-term savings goals. It can be as simple as buying one less take-out coffee a week or going for a less expensive option at the supermarket.”<\/li>\n
  3. Work out what you can afford: Working out your incomings and your potential outgoings when you secure a mortgage<\/a> is crucial. There are calculators online to help with this, or you can speak to a mortgage adviser.<\/li>\n
  4. Talk to an expert: Mortgage advisers can offer you guidance on what products are available, and how this will affect the deposit you need to save.<\/li>\n
  5. Use government schemes: There are a number of schemes available to savers who want to buy property, including Lifetime ISAs, shared ownership schemes and the 95% mortgage guarantee. You can find out more about these on the government website<\/a>.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    A fascinating insight into how house prices have changed between the Queen’s Silver Jubilee in 1977 and today has been released by Mortgage Advice Bureau.\u00a0 The housing market today is almost unrecognisable from what it was 45 years ago, when the Queen celebrated 25 years on the throne. Now, in the Queen’s Platinum Jubilee year,… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":6087226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26,59,6],"tags":[33],"class_list":["post-6087216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-mortgages-money","category-trending-news","category-uk-housing-market","tag-house-prices"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/6087216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=6087216"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/6087216\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/6087226"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=6087216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=6087216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=6087216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}